Harrison quit DeAM in July following its takeover by Aberdeen Asset Management. Fund management sources believed he would set up his own asset management business.

Mark Hadsley-Chaplin, chairman of MPC who has just stepped down as chief executive, said: "I shall be handing over to him the day-to-day responsibility of running the business with a mandate to grow and diversify our revenue stream."

Harrison joined Deutsche Asset Management in 2004 from JP Morgan, where he was chief investment officer in charge of the global equities investment team.

Fund management sources told Financial News he left the company after becoming disillusioned with the number of investment bankers being handed senior roles there.